Members of the $7 million Community of Healthcare EmployeesCredit Union in Chambersburg, Pa., will be meeting April 12 to voteon a proposal to merge with the $441 million Patriot Federal Credit Union, also in Chambersburg.
|Although CHECU is financially sound, serving its geographicallydiverse membership is challenging because of the credit union'ssize and limited resources, said CHECU Board Chair DennisTravers.
|“These limitations prevent the credit union from being able tofully serve the needs of all of its members as well as we wouldlike,” Travers wrote in a recent letter to members. “After carefulconsideration, the board came to the strategic conclusion that amerger with Patriot Federal Credit Union was the best option forthe entire membership.”
|Though CHECU's branch office would close, the credit union'sthree employees would continue to work for Patriot FCU, the creditunions said.
|If members approve the merger, CHECU will file documents withregulators for review and final approval, after which a finalmerger date will be set.
|Founded in 1973 as the Chambersburg Hospital Employees CreditUnion, it was located in several small offices throughout thehospital. Over the years additional employee groups joinedthe credit union and the name was changed to Community ofHealthcare Employees in April 1996 and a main office was opened inJune 2001.
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